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Siemens on Tuesday reported over 37 per cent decline in its net profit to Rs 408 crore in March quarter, compared to the same period year ago, mainly due to under-absorption of fixed costs and higher material costs in the Digital Industries business. The company follows an October to September fiscal year. Its net profit stood at Rs 649 crore for the quarter ended on March 31, 2024, a company statement said. The decline in profit from operations was due to under-absorption of fixed costs and higher material costs in the Digital Industries business, according to the statement. Additionally, it explained that the profit was impacted by an extraordinary gain of Rs 192 crore from the sale of property in Q2 FY 2024 and demerger expenses of Rs 63 crore in the current quarter. Revenue remained flat due to the ongoing normalisation of demand in Digital Industries and due to normal project delivery schedules in the Mobility business. Revenues from operation stood at Rs 4,259 in the Marc